Current Pending Legislation Affecting Businesses and Individuals
Introduction
As your trusted advisors, we at Linkenheimer LLP strive to keep you informed about the latest legislative developments that could impact your business and personal financial planning. In this edition, we highlight significant pending legislation at both the state and federal levels that may affect our clients, including business owners, winery and restaurant owners, and individuals. We have not received any updates regarding potential federal adjustments for PG&E payments and Research & Development expense capitalization, and unfortunately, we remain pessimistic about any forthcoming changes. As a result, beginning July 1, 2024, we will proceed with finalizing the returns that were on hold pending this legislation.
State-Level Proposed Legislation
- California AB 1181: Minimum Wage Increase
AB 1181 proposes to increase the state minimum wage to $16 per hour for all employees, regardless of the size of the business, by January 1, 2025. For small business owners, this could mean higher payroll costs and a need to revisit pricing strategies and workforce management.
- California AB 543: Paid Family Leave Expansion
AB 543 seeks to extend the duration […]